Expert assessment of an artist's lifetime of work — the estate collection — is not
focused solely on a simple inventory schedule. The most thorough assessment
requires examining the seven essential elements described below. Only then will the
owners of the collection have a scholarly foundation upon which a development and
promotional strategy can launch with confidence. Putting together the pieces of this
dynamic puzzle requires a trustworthy expert who has in-depth experience as an art
appraiser, an art history scholar, curator, and collection manager. And if all these
elements are not found in one professional with such experience, the project will
require a team of experts.

Just one more thing
Actor Peter Falk was the star detective in the popular Columbo crime mystery series,
which ran for 35 years on TV (1968–2003). My name is the same, except I’m the art
detective. Today, I still use Columbo’s famous catchphrase — “Just one more thing”
— for good reason. You see, when Columbo had apparently finished interrogating
his suspect and was on his way out the door, he would stop, turn back, and ask this
final, seemingly innocuous question that actually contained the critical insight
needed to expose their lie or fatal flaw. Now, in the emerging A.I. era it’s getting
easier for influencers to acquire “spontaneous expertise.” But especially in the art
world, beware of amateurs lacking the critical insight gained from decades of hands-
on experience.

Below is my guide, step-by-step:

These four elements are crucial:

1. Quality:

Lasting success for an artist’s estate collection depends on a foundation of “quality.”
This may seem like an amorphous word, but experts define quality in art by the
extent to which it is truly innovative and not derivative. The most qualified expert
will have a highly educated eye. That means they will know if the art was sparked
by a truly original creative vision or if it is simply derivative of a predecessor or a
more famous peer. In short, showing museum curators, gallery owners, and
collectors why these artworks really matter — especially where the works stand
along the historical timeline — plays a significant role in valuation.

2. Grading:
It may be difficult for any artist set aside their ego and objectively assign grades of
A, B, or C to each of their works. This essential task is the responsibility of an
expert. For example, two of an artist’s paintings may be of the same subject matter,
same size, same medium, and painted in the same year. But one is an A while the
other is a C. Only a highly educated eye can recognize disparity in true value. This is
why being able to identify the most pertinent comparable works is such an essential
and crucial ability for any truly qualified appraiser.

3. Quantity:
Once the works in the collection have been assigned quality grades, the bigger
picture of prospective value will become clearer. This is an important element for
illuminating how to establish smart strategies for collection planning and marketing.

4. Background — and Backstory
This frequently asked question may well be the most important: “Who is this artist
anyway?” Actually, it’s a question made up of multiple questions: Do they have an
exhibition history? Has their work appeared in books, catalogues, or periodicals?
Where did they study, and under whom? Are their works in museum collections?
An expert will gather all the answers by digging into art reference resources.
However, it's important to note that many artists who produced significant work
have remained virtually unknown because they never enjoyed the limelight of
exhibitions or the marketplace. This is why it’s important to pay attention to the first
element above: “quality.” Unfortunately, when quality goes unrecognized or is
lacking the support needed for taking restorative steps, too many artists’ collections
wind up slipping through the cracks of art history and head straight to the dumpster.
Even though some collections survive largely unscathed, too many remain dormant
in storage — as if in a time capsule. These collections are difficult to appraise at greater than “decorative value” because they have no transactional track record at galleries or at auction. But the best possess a pent-up value that may be realized if a rediscovery project is built upon a scholarly foundation — as opposed to the hype and fluff too often seen in the market. Ideally, we would love to feel the truth of Hippocrates’s famous quote, “Ars longa, vita brevis” (“Art is long, life is short). But for many artists both life and art can be short-lived. Experts can help to overturn
such fates.Three more factors that affect the valuation process…

5. Physical condition
While the first four crucial elements are becoming clear, careful examination of the
physical condition of the works in the collection is under way. The results can have a
greater impact on value than most people realize. Damage may have been caused by
the environmental conditions under which the works were stored. Some surface
damage can be easily corrected but if it’s extensive or affecting a key area of the
work, its desirability and therefore its saleability can be significantly diminished.
The greater the value, the more certain any transaction will first require the seller to
provide a conservator’s condition report. The extent of the faults, the skill of the
conservator, and the cost for restoration together make the difference between a
price that is realistic, overly optimistic, or that can even be sold.

6. Market Comparables and Recent Sales
This is similar to the “grading” described above except now the focus is on market
comparables for individual works within the collection. This requires the skills of an
expert. Auction price results as well as gallery transactions are compiled. This is
where size, condition, rarity, and current market conditions are also taken into
consideration.
7. Catalogue Raisonné
Every work within the estate collection should be documented in a “complete
catalogue.” Going forward, this documentation of provenance assures buyers of
authenticity and good title. The individual works are photographed and documented
with essential identifiers: the unique estate number, title/description, year created,
medium, dimensions, signature, inscriptions, exhibition record, literature references,
and present owner/location.

As you can see, the most effective assessment of artist estate collections requires
specialized research, connoisseurship, and scholarship. That’s why the most
seasoned art advisors, appraisers, museum curators, and art dealers follow the step-
by-step process described above.

Stay tuned for our next reports in this series.
Email us any special questions you may have.